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Memorandum of Understanding with World Bank Group

Memorandum of Understanding with World Bank Group

Memorandum of understanding between WSBI, IFC and the IBRD and IDA signed on September 23, 2015, at the WSBI Board and General Assembly​ in Washington.

​​​​​>> See the .pdf version 










September 23, 2015

This Memorandum of Understanding ("Memorandum") represents a statement of intent by the World Savings and Retail Banking Institute ("WSBI"),  the International Bank for Reconstruction and Development ("IBRD"), the International Development Association ("IDA" and together with IBRD,  the "World Bank" or the "Bank") and the International Finance Corporation ("IFC") (each a "Party" and together, the "Parties") to collaborate in the achievement of common objectives as described and on the basis outlined below.


(A)            WSBI is an international membership based not for profit association registered under Belgian law which brings together savings and retail banks from around 80 countries, representing the interests of approximately 6,000 financial institutions across the globe. WSBI provides assistance to its membership through advocacy services, knowledge sharing and training activities. It supports the aims of the Group of 20 (G20) in achieving sustainable, inclusive and balanced growth and job creation and international efforts to advance financial access and usage for everyone. It supports the promotion of a diversified range of financial services that responsibly meet customers' needs. Promoting financial access is part of its heritage and remains core to its mission.

(B)            The World Bank is an international development institution established by Articles of Agreement adopted by its member countries.  The World Bank's overarching mission is to reduce poverty, improve living conditions, and promote sustainable and comprehensive development in its developing member countries. It has established two ambitious goals to anchor its mission: end extreme poverty within a generation and boost shared prosperity. As part of its mission the World Bank also seeks to end extreme poverty by promoting innovation and creating knowledge and best practices that promote responsible financial access with the goal to reach Universal Financial Access by 2020. As result, the World Bank creates knowledge and assists its clients in developing approaches to address barriers to financial inclusion.

(C)            IFC is an international organization established by Articles of Agreement among its member countries, headquartered in Washington, D.C. and is a member of the World Bank Group.  IFC is the largest global development institution focused on the private sector in emerging markets. Working with the World Bank to reach Universal Financial Access by 2020, IFC seeks to mobilize private capital and scale up its investment, financial, advisory, knowledge, and convening resources, including through increased engagement with key partners to reach the 2 billion adults and close to 200 million businesses in emerging markets who are still lacking access to credit and basic financial services.

NOW THEREFORE the Parties intend as follows:

A.                Objective

Consistent with their respective mandates, the Parties desire to collaborate to identify best practices and to create knowledge by taking innovative approaches to facilitate reaching Universal Financial Access by 2020, which involves the provision of access to an account or electronic instrument in a responsible manner to store money and send and receive payments, for all adults globally, as the basic building block to manage their financial lives. More specifically, the cooperation seeks to provide capacity building, advisory services and technical assistance and a platform and knowledge hub to exchange best practice to the relevant stakeholders to create an enabling environment for Universal Financial Access ("UFA"). 

B.                 Collaboration

(a)                To further the achievement of their common objectives, the Parties intend to collaborate in the following manner:

  1. share knowledge and expertise to identify critical legal and regulatory reforms needed to create an enabling environment for financial access in the various relevant jurisdictions;
  2. collaborate to advise selected countries on the policy and regulatory framework needed to advance  financial access;;
  3. collaborate in providing capacity building and technical assistance to the various stakeholders in implementing policies which favor financial access;
  4. plan and carry out activities in areas of common interest, including the identification of financial infrastructure and/or technology needed to eliminate barriers to access to finance;
  5. collaborate on the definition of common standards for a responsible conduct in achieving UFA and monitoring  progress towards UFA;
  6. collaborate on the promotion, preparation, and organization of  workshops/conferences/training seminars related to policies, infrastructures, and innovative delivery models that facilitate financial access;
  7. collaborate on ways to engage other stakeholders to bring further support to the activities pursued under this Memorandum;
  8. collaborate on the dissemination of lessons learned and results through publications, seminars, workshops, conferences, and other easily accessible means; collaborate  to identify innovative ways to scale up financial access; and
  9. periodically evaluate the effectiveness of working in collaboration, with reference to their respective mandates and priorities.

(b)               Each Party shall be responsible for its own share of the associated financial and other obligations under this Memorandum.

(c)                Each Party may contribute to the activities undertaken pursuant to this Memorandum, in one or more of the following ways:

  1. ​  mobilizing its own staff for the pursuit of the objectives of this Memorandum;
  2. providing facilities for joint workshops, conferences, or training seminars;
  3. engaging and funding consultants; and
  4. such other ways as the Parties may determine. 

C.                Intellectual Property

(a)      The Parties recognize the respective intellectual property rights to materials used for or resulting from their collaborative activities conducted under this Memorandum. The Parties retain the intellectual property rights in all pre-existing materials used for the activities and to materials developed by their own staff, including any consultants or contractors.  

(b)   Where a need is identified for one Party to use the other Party's intellectual property for the purposes of performing the activities under this Memorandum, or to prepare derivative works or new works in connection with activities undertaken hereunder, the Parties undertake to enter into use licenses with respect to such intellectual property for one or more specific activities, consistent with their respective policies and procedures. 

(c)     WSBI recognizes the development mandate of the World Bank and IFC and accepts that intellectual property rights are used to meet the development objectives of the collaborative activities. Therefore, WSBI will not condition the use of its intellectual property rights by the World Bank or IFC or restrict access by third parties to the final work products developed under the collaborative activities undertaken through this Memorandum.

D.                Conflict of Interest         

(a)      The World Bank's and IFC's collaboration with WSBI on activities under this Memorandum is not intended to confer a special advantage or preference to WSBI in competing with any other entity as regards the procurement of goods, works or services by the World Bank or IFC, recipients of World Bank or IFC financing, or other third parties, where such procurement results from or has a direct relationship to such activities.

(b)     The World Bank and IFC agree to make available any other materials needed to explain the application of the World Bank and IFC's conflict of interest policy to WSBI and to assist WSBI in understanding the limitations that may be imposed.

​E.                 Contacts
Each party hereby designates and appoints below its representative with overall responsibility for implementing this Memorandum. The Parties may, by written notice to the other Party, designate additional or different persons as points of contact but the Parties expect to have only one person at a time designated as the person with overall responsibility for all activities undertaken pursuant to this Memorandum.

For WSBI:                  

Ian A. Radcliffe
Address: WSBI-ESBG
Rue Marie-Thérèse 11-13
Brussels, 1000
Phone: +33 (0)2-211-1111

For the World Bank and IFC:                            

Peer Benno Walter Stein
Director, Finance & Markets Global Practice
Address: World Bank Group
2121 Pennsylvania NW,
Washington, DC 20433
Phone: +1-202-473-5418

F.                 General

  1. This Memorandum does not constitute an agreement or commitment by either Party to enter into or provide support for any specific activity or project. Specific arrangements for individual activities will be set forth in a written document or work plans to be jointly formulated by the Parties.
  2. Nothing in this Memorandum is intended to be, or should be construed as a waiver of the privileges and immunities of the World Bank, IFC or their officers and employees, which privileges and immunities are hereby specifically reserved.​

World Savings and Retail Banking Institute                          International Bank for Reconstruction and Development                                                                                                                                                           and International Development Association

Heinrich Haasis                                              


 International Finance Corporation

Jin-Yong Cai
Executive Vice President

 ends / all


Corporate Social Responsibility; Financial inclusion; Information Technology; Bank accounts